What is the deal with the "universal greeting" in Transformers: The Movie?

Question

When Hot Rod & Kup crash-land on the garbage planet, whose inhabitants promptly surround our heroes, Kup resorts to the "universal greeting," which goes something like this:

Bah-weep-Graaaaagnah wheep ni ni bong

Even when I was a kid, this stood out as strange. Not only is it a bizarre set of sounds to make with no obvious precedent, no real translation is offered. Does it mean "hello?" Or, "we come in peace?" Or "we seek asylum?" It is just a salutation, or does it make an assertion about the speaker, or does it request something from the hearer?

My question is: what is known about this so-called "universal greeting," in-universe and out?

Answer 1

I can only find wiki references to the greeting.

The universal greeting is used as a means to express good will toward alien beings when a language barrier is present. However, it does not always work that way.

Apparently, the first time the greeting was used was in the original 1986 The Transformers: The Movie by Kup. As seen here:

Also in The Transformers cartoon:

The Allicons on Quintessa initially reacted well to the greeting, but when Hot Rod and Kup ran out of energon goodies, the Allicons began chanting it as they attacked the Autobots. However, the Junkions on the Planet of Junk took it rather well even without treats and threw a party, indicating that the Universal Greeting can be roughly translated into "We come in peace", "Take me to your leader", "Care to dance?", or whatever seems appropriate.